Fund Facts

Inception: September 1, 1994

Fund Type:Core Equity

I-shares Symbol: SSCPX

A-shares Symbol: SSCYX

C-shares Symbol: SSCCX

About Zacks Investment Management

The Saratoga Small Capitalization Portfolio is managed by Zacks Investment Management (ZIM). ZIM was founded in 1992, and is owned and operated by Zacks Investment Research. ZIM’s portfolio management team consists of six senior portfolio managers, and is supported by a full complement of research, trading, operations and administrative professionals.

ZIM is owned by Zacks Investment Research. Zacks Investment Research, founded in 1978, is one of the largest independent providers of equity research in the United States.

Investment Style

Zacks Investment Management believes the following: Markets are very efficient over the long run and the ability to outperform using active management is limited to managers who have the discipline to maintain a proven investment process through all market environments. Academic research shows equity anomalies exist but the excess returns generated from these anomalies can only be realized by holding stocks exposed to the anomaly over long periods of time. Proven multi‐factor strategies run in a systematic and disciplined manner can generate meaningful alpha over a full market cycle, while simultaneously tempering the periods of underperformance that would be experienced by a single anomaly. Zacks Investment Management utilizes tools and models developed in‐house to create investment strategies based on statistical anomalies backed by academic and proprietary research. With regard to their Small Cap Core strategy, ZIM’s believes that estimate revisions are a leading indicator of future stock performance and that small- to mid-size companies exhibit stronger price response to earnings estimate revisions.

There is no assurance that the Portfolio will achieve its investment objective.

Mutual Funds involve risk, including possible loss of principal. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations. Micro-cap stocks may offer greater opportunity for capital appreciation than the stocks of larger and more established companies; however, they also involve substantially greater risks of loss and price fluctuations. Micro-cap companies carry additional risks because their earnings and revenues tend to be less predictable.